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Buhari Writes Senate, Seeks Approval For $75m World Bank Loan For Edo State

Source: thewillnigeria.com
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BEVERLY HILLS, August 04, (THEWILL) – President Muhammadu Buhari has asked the Senate to approve a $75 million World Bank loan for Edo State.

In a letter to the Senate, which was read at Tuesday's plenary, the President said the credit facility is the second part of the $225 million Development Policy Programme which the World Bank had approved in 2012 for the state to be drawn in three tranches yearly.

“I am writing to seek the consideration from the National Assembly an approval for the request from Edo state government to obtain a 75million dollar credit facility from the World Bank.

“You may wish to know that the World Bank had approved a development policy programme for the total sum of 225million dollars to Edo state government in 2012 to be implemented in three tranches of 75millon per annum.

“The first tranch was approved by the national assembly in the 2012/2014 Federal Government external ruling borrowing plan,” President Buhari wrote.

“The Development Policy Operation, DPO has since been successful implemented by the state in 2014. Following this success, the bank's board of executive directors approved the second tranch. On April 29, 2015, the DPO too was captured in the federal government external borrowing plan of 2014/2017 which is pending with the national assembly.

“It is for the above reason that I seek your favour to facilitate the consideration and approval of the development policy operation 2 loan of 75 million to enable the state to consolidate on the gaze of the first tranch of the operation DPO.

“Your excellency, it is instructive to mention that Edo state has informed me that the key programme objectives of the DPO are already beginning to show in terms of increased influx of private investment to the state….

“An accelerated approval of this request will help to sustain these gains. I look forward, distinguished Senate President to the usual kind expeditious consideration of the above request by the Senate.

“This letter supercedes HCF/3143/t/137 of 28 July, 2015. Please accept as usual, your assurances of my highest regards,” the President added.